The graph shows us oil import prices from 1995 to 2010. what most likely caused the steady increase in price per barrel of oil between 2001 and 2008

The correct answer is “demand from developing countries”.

The reason that most likely caused a steady increase in price per barrel of oil between 2001 and 2008 was the demand from developing countries.

In 2001, the normal price of a barrel of oil in the United States was $23.- And with the inflation-adjusted price, $31.87. In 2008, the normal price of a barrel of oil in the United States was $91.- and with inflation-adjusted price, $113.- In is considered that the demand from developing countries could have been a reason for the steady increase in the price of a barrel.  

The other options of the question were, a) a global recession, b) scarcity of petroleum, and c) a large population growth.

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